Shell, Mobil to Decide Block 75 Exploration 1Q01

Bnamericas Published: Friday, November 17, 2000
Royal Dutch/Shell unit Shell Prospecting & Development Peru and Mobil Exxon subsidiary Mobile Exploration del Peru should in February announce whether they will continue with third phase exploration work in the company's Block 75 in Peru, a Shell source told The companies must inform Peru's oil and gas licenses regulator Perupetro at least one month in advance before the block's second exploration phase ends March 2001, the source said. Shell and Mobil in 1998 discovered natural gas in Block 75 in the Pagoreni prospect and continue exploration work to determine if they will proceed with development. Pagoreni harbors 3 trillion cubic feet of gas, according to earlier reports, although the source would not confirm this information. "I can only say it's an important discovery." Third phase exploration activity would involve drilling another exploratory well in the block, the source continued, without giving investment figures. Block 75 is adjacent to Peru's Camisea natural gas project. Shell and Mobil until 1998 held the concession to produce and transport natural gas from the Camisea deposit but forfeited the project due to discrepancies with the Peruvian government over exports and gas price fixing. Block 75 is Shell's only exploration acreage in Peru, while Mobil has an interest in Block 78, together with Elf Aquitaine and Esso del Peru.

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